Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
“Technically speaking and from a Wycoff standpoint, any push past and into the 38%, level (lower, blue dashed-line), puts CVNA in ‘up-thrust’ (potential reversal) position.”
For that day, CVNA retraced upward to 50%, posted the up-thrust, then reversed (not advice, not a recommendation).
Carvana CVNA, Daily
Depending on A.I., and Nvidia specifically (more upside?), there’s a chance of a close above the 332.33 level previously discussed (not advice, not a recommendation).
However, some think last week was ‘it’; the market has cracked.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Warren Buffett has a massive cash hoard; now, famous short-seller Michael Burry is calling it quits, links here, here and here.
The last time this type of news happened in a big way, was right around the Nasdaq peak in 2000 (not advice not a recommendation).
Back then, ‘old-timers’ with forty-years in the business, were throwing up their hands, throwing in the towel and retiring; the market ‘did not make sense anymore’.
NVDA, CVNA & Biotech
With Nvidia posting a new low today, the analysis shown here, is proving to be accurate thus far (not advice, not a recommendation)
Additionally, Carvana posted an up-thrust (reversal) as presented in this post (not advice, not a recommendation).
Next up, is biotech, XBI.
Biotech XBI, Hourly
We’re in up-thrust condition (potential reversal) have a ‘sign of supply’ and now testing the upside.
Note: The ‘test’ has exceeded the previous high. Although rare, it can happen.
So, is it a test or a continuation of an upside breakout?
The rest of the markets seem to be in a similar condition.
Carvana just posted a new daily high (as of 11:25 a.m., EST), possibly taking out the (early) shorts.
Let’s see if it manages to close above that 332.33, level discussed in this post (not advice, to a recommendation).
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The last update, showed a wedge ‘throw-over’, then questioned (upper right of chart), ‘Will there be a test?’
Well, indeed there was a test (shown below). What happens next?
From one of Ed Dowd’s latest interviews, link here (Time Stamp: 4:30), he talks about ‘intervention’ within the A.I. bubble. He’s referring to news of this link.
His point: He thinks as a result of government equity stake, there could be ‘one more thrust higher’ before reversal.
The suggestion on this site, the news is already out.
The thrust higher may have already happened (not advice, not a recommendation).
Nvidia NVDA, Daily Close
There’s always the possibility of a secondary test.
However, if NVDA has actually completed its throw-over test, and reversed, the example at this link (video), shows it can all fall apart very quickly (not advice, not a recommendation).
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
It could be a slow grind, a series of ‘air-pockets’, or of course, not at all.
Using time-tested classical analysis, along with a dash of Elliott Wave, shows us we just had a terminating wedge ‘throw-over‘.
The video in the attached link, is brief and concise.
Throw-overs are (typically) major reversal indicators (not advice, not a recommendation).
As of yesterday, Friday, that’s where we are.
Nvidia NVDA, Daily Close
As seen with Nvidia, literally anything can happen. It could somehow recover, go sideways, or collapse.
If price action gets to the lower wedge, then breaks down, the ‘measured move’ for such a break, is -80%, to -90%, lower (not advice, not a recommendation).
Crash in The Past
The crash of 1899, shows us that just because we got past October without fanfare, a crash can happen at any time.
A prior update, written three-years ago, describes that crash, link here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
As of yesterday’s close, (188.08), NVDA is down -11.36%, from all-time highs.
That’s the ‘implosion’?
Remember, Ed Dowd said in this interview (time stamp: 20:00), ‘when it’s all said and done’, he expects NVDA, to be down by -90% (not advice, not a recommendation).
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Two months later, UNH went on to post a (slight) new low, changing the retrace projections.
As is typical for this site, we’re going to look at UNH from a strategic, longer-term perspective, the monthly chart.
UnitedHealth UNH, Monthly
During the last melt-down in ’07 – ’08, UNH lost -75.60%.
For October just ended, we can see (zoom area), UNH retraced to 38.2%, rejected it, closing lower for the month.
Before everyone decides it’s a ‘slam-dunk’ lower, for UNH, in the markets, anything can happen. Amazon’s (AMZN) overnight launch (on earnings) comes to mind.
Next up, we’ll look at the Health Care sector itself and tracking fund XLV.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point® 